Possible Consolidation OCBC 23 Sep 2015


I think it seems like there might be a possible consolidation for OCBC, as seen from the symmetrical triangle formation. Usually, there might be a sharp movement once the triangle formation is breached.

20 dma seems to be showing early signs of trend changing, and we can also noticed that the MACD signals showing some recovery signs too. However, I suspect we are still in the early stage.

Another thing to note is that the trading volume is slightly higher, from August onwards.

Short term resistance: $9.20 – $9.22
Next level resistance: $9.40

We would definitely like to see the gap between $9.77 to $10.08 to be covered, for a higher possibility of uptrend continuation.


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